Topic: El Salvador Rejects IMF Call to Abandon Bitcoin as Legal Tender - page 2. (Read 221 times)
February 04, 2022, 07:17:34 AM
just curious, what exactly can the IMF do and what "legal action" they can actually make against El Salvador? also, does the IMF really have that kind of power over the members of their organization?
February 04, 2022, 07:09:53 AM
EL Salvador president is completely PRO BITCOIN as he had given plenty of prediction about crypto specially Bitcoin , so this recommendation will be denied as if the president is positive for bitcoin then why IMF will take its place against this?
good job EL Salvador , you truly proven how grateful you are for the crypto , and how you given this a chance to help your country .
good job EL Salvador , you truly proven how grateful you are for the crypto , and how you given this a chance to help your country .
February 04, 2022, 07:02:23 AM
Same as Marshall Islands then some 3 or 4 years ago when they announced plans for SOV (their national crypto). Didn't really follow the news much but to my understanding, IMF was not so much pissed about SOV as they were about the nation abandoning the US dollar -- but of course that and Venezuela's plans are very different from adopting a decentralised form of money. The thing is though I was sure sanctions were threatened then (I could be wrong) -- not sure why this is only a recommendation.
However, it does seem to have worked in delaying SOV... as it still hasn't been issued and it's 2022. Perhaps that's simply what IMF wants. To delay the inevitable de-dollarisation.
However, it does seem to have worked in delaying SOV... as it still hasn't been issued and it's 2022. Perhaps that's simply what IMF wants. To delay the inevitable de-dollarisation.
February 04, 2022, 06:49:21 AM
Well, the finance minister is right. Since it's just a recommendation from the IMF, there's no forcing of following the suggestion. And by the time that El Salvador has filed the law for declaring bitcoin as a legal tender up to its execution and application, that's already proving themselves that they're serious with this initiative. I hope that the IMF would just mind their own business and just let El Salvador do its own thing since they're aware of what bitcoin is.
February 04, 2022, 06:34:45 AM
The government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country.
The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and dissolve Fidebitcoin, the $150 million trust fund created for the Bitcoin law.
El Salvador’s Finance Minister Alejandro Zelaya told a local television station that bitcoin is an issue of “sovereignty.” According to the media, he “angrily” said:
No international organization is going to make us do anything, anything at all.
“Countries are sovereign nations and they take sovereign decisions about public policy,” the finance minister added.
Source
How is this going to affect the economy of El-Salvador, will IMF take any legal action against them or just allow them to have their way?
The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and dissolve Fidebitcoin, the $150 million trust fund created for the Bitcoin law.
El Salvador’s Finance Minister Alejandro Zelaya told a local television station that bitcoin is an issue of “sovereignty.” According to the media, he “angrily” said:
No international organization is going to make us do anything, anything at all.
“Countries are sovereign nations and they take sovereign decisions about public policy,” the finance minister added.
Source
How is this going to affect the economy of El-Salvador, will IMF take any legal action against them or just allow them to have their way?
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